Assemblymember Dababneh’s Bill to Improve Financial Literacy Education Heads to Governor
SACRAMENTO — The California Assembly approved Assembly Bill (AB) 858 by Assemblymember Matt Dababneh (D – Woodland Hills), which creates the California Financial Literacy Initiative – a new clearinghouse of high-quality financial education materials for teachers and parents.
By expanding the availability of resources and programs related to financial literacy, AB 858 will help students develop a comprehensive understanding of how to manage their finances and protect their financial privacy.
“As Chair of the Assembly Banking and Finance Committee, one of my top priorities is to ensure California students graduate with the financial knowledge needed to succeed in the real world,” said Assemblymember Dababneh. “By providing our students with more resources to develop financial literacy in school, we are giving them the ability to make informed judgments and take effective action when it comes to navigating the financial world and making tough choices. Financial literacy is not only about learning the skills necessary to balance a checkbook – it is about personal empowerment.”
Research shows that teaching financial literacy early in life is crucial to prevent negative consequences typically experienced when individuals lack the basic knowledge needed to make informed choices regarding their personal financial needs and goals.
AB 858 will increase financial literacy among our youth by identifying successful curriculum and educational strategies and sharing them with teachers, parents and students. It authorizes the State Superintendent of Public Instruction to convene a committee tasked with reviewing materials for educators to use as we incorporate financial literacy concepts into curriculum at all grade levels.
“The California Credit Union League supports AB 858 and thanks Assemblymember Dababneh for authoring this important measure that will advance efforts to provide California’s students with important financial literacy knowledge,” said Courtney Jensen, Vice President of State Government Affairs, California Credit Union League. “Credit unions have long been committed to providing financial literacy to students as we believe early education will help eliminate financial barriers in the future, improving the overall quality of life for all Californians.”
AB 858 is supported by State Board of Equalization Member Fiona Ma, along with a broad coalition of education advocates and financial institutions. The bill heads to the Governor for signature.
To learn more about AB 858, please visit Assemblymember Dababneh’s website on financial literacy.